Pickup Truck Market: Introduction
According to the report, the global pickup truck market is projected to reach US$ 950 Bn by 2030, expanding at a CAGR of ~2% during the forecast period, owing to the increase in affordability for vehicles among consumers and transition of people into middle and upper middle-income groups. The global pickup truck market is mature; however, expansion of small- and medium-scale enterprises coupled with high popularity for pickup trucks in developed countries is still boosting the market worldwide.
Expansion of Pickup Truck market
The expansion of the automotive industry has boosted the pickup trucks market across the globe. Moreover, rising preference among consumers for pickup trucks instead of a passenger vehicle has been a key factor driving the market. Developed countries, which highly promote do-it-yourself services, witness higher penetration of pickup trucks as compared to other vehicles, as pickup trucks are multipurpose vehicles that can be useful for their owners to carry small loads, towing caravans, and other carriages. The expansion of SMEs in last five years has been a key driver for the pickup truck market in the developing as well as developed countries. The demand for pickup trucks has increased at a noble pace owing to a significant rise in last mile delivery services in last decade.
Pickup Truck Market – Segmentation
In terms of truck type, the full size segment held a major share of the market, owing to the high popularity of these trucks in North America, Latin America, and the Middle East. Moreover, pick-trucks can be used as a multipurpose vehicles to transport goods, tow caravans, and also ferry passengers. Moreover, increasing trends toward utility vehicles and luxury vehicles in conjunction with a rise in the demand for comfort and luxury among consumers globally are anticipated to propel the global pickup truck market.
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Regional Analysis of Pickup Truck market
In terms of region, the global pickup truck market has been segregated into North America, Europe, East Asia, South Asia Pacific, Middle East & Africa, and Latin America. North America and Europe held a prominent share of the global market. The popularity of full size pickup trucks is significantly high in these regions boast of major manufacturers such as Ford Motor Company and General Motors. Pickup trucks are best-selling vehicles in the U.S.; Ford, GMC, and RAM have been key manufacturers that accounted for a major share of total pickup trucks sold in North America. Pickup trucks are popular in the region as consumers can tow their trailers, launch their boats, transport all their children’s dorm supplies to college, use it for business, and still be the most intimidating light-duty vehicle on the road.
Prominent players operating in the global pickup truck market include Ford Motor Company, FAW Group, Fiat Chrysler Automobile, General Motor Company, Great Wall Motors, Honda Motor Company, Ltd., Isuzu Motors Ltd., Mahindra & Mahindra Ltd., Mercedes Benz, Mitsubishi Motors Corporation, Nissan Motor Co., Ltd., Tata Motors, Toyota Motor Corporation, and Volkswagen AG.